New Delhi, Mar 8 (ANI): To promote development of renewable energy in India, German Government-owned development bank KfW today signed a loan agreement worth ?200 million with the Indian Renewable Energy Development Agency Limited (IREDA).
The agreement was signed by Debashish Majumdar, CMD, IREDA with Uwe Ohls, Senior Vice President, KfW in the presence of Christian Schlaga, Charge d'Affaires a.i. of the Federal Republic of Germany, and of Prabodh Saxena, Joint Secretary, Department of Economic Affairs of India's Ministry of Finance.
The agreement comprises an integrated package of concessional loan and technical assistance, further strengthening long-standing relationship between German Development Cooperation and IREDA.
The New Renewable Energy Programme with IREDA consists a credit line of ?200 million and an accompanying grant component of ?0.5 million for technical support.
The loan, which is KfW's fourth line of credit to IREDA, seeks to promote innovative Renewable Energy business models, involving either new technologies, financing mechanisms or institutional arrangements, across a variety of renewable energy sources - solar (both PV and thermal), wind, biomass and cogeneration, and small hydro.
Germany and KfW bank are long-standing partners of India. Since the 1950s, more than ?9 billion have been sanctioned by KfW, mainly in the fields of Energy, Financial Sector Development, Health, and Protection of the Environment and Natural Resources.
KfW is the German Development Bank and one of the largest banks in Germany, and largest financier of Renewable Energy Projects under development cooperation worldwide. (ANI)
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